Mynt Inc., the parent company ofGCash, has secured commitments from more than 20 global and domestic cornerstone investors for its proposed initial public offering, BusinessWorld reported. The commitments are enough to cover nearly all shares allocated to institutional investors, but they remain subject to possible reallocation, final pricing, completion of the offer and customary closing conditions. The news gives the Philippine fintech a strong institutional signal before its planned market debut, but it does not mean the IPO has already been priced, completed or listed.
Named domestic participants include ATRAM Trust, BPI Asset Management and Trust, China Bank Capital, Metrobank Trust Banking Group, Philequity Management and RCBC Capital. Global names include the International Finance Corp., HSBC Global Asset Management, Amundsen Investment Management, FIL Investment Management and funds managed by BlackRock subsidiaries. IFC separately disclosed a proposedP4.4-billioninvestment from its own account, but that project remains pending approval. The commitments show investor interest in Philippine digital finance while remaining conditional on the final offering process.
The Philippine Stock Exchange cleared Mynt to offer up to1.61 billion primary sharesand 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion secondary shares. The shares may be sold at up to P10 each. The final offer price is expected on October 1 after bookbuilding, the offer period is scheduled for October 6 to 12, and the tentative listing date is October 20 under the trading symbol GCASH. These are preliminary terms and remain subject to regulatory and market conditions.
The PSE said proceeds from the primary shares will support digital financial-services growth, product development and general corporate purposes. Retail investors are expected to access the offering through PSE EASy and GStocks in the GCash app, subject to the final rules. Analysts cited by BusinessWorld described Mynt as a distinctive fintech opportunity but cautioned that demand for GCash does not yet prove a broad return of foreign capital to Philippine equities. Investors should wait for the final prospectus, pricing and eligibility details before making decisions.
